WASHINGTON— Acting Comptroller of the Currency Keith A. Noreika issued the following statement following the vote by the U.S. Senate to overturn the Consumer Financial Protection Bureau’s rule on arbitration agreements:

Today, the U.S. Senate joined the House of Representatives in voting to overturn the CFPB’s arbitration rule. The elected representatives acted to stop a rule from going into effect that would have likely increased the cost of credit for hardworking Americans and made it more difficult for small community banks to resolve differences with their customers without achieving the rule’s goal of deterring future financial abuse. The action by Congress is a victory for consumers and small banks across the country.

Too often in Washington, decisions are made in the interest of the powerful and the well-connected, without considering the practical economic impact on working people. It is a credit to the economists and other staff at the OCC who, upon reviewing the data and analysis used by the CFPB, identified the rule’s likely significant effect on consumers. By bringing the previously undisclosed data to light, staff ensured a more informed and more transparent discussion of the rule.